Whether you prefer to ignore your natal day … or you still celebrate with gusto every year, there are a few birthdays we all need to recognize.  We’re referring to the birthdays with financial implications.   HERE’S OUR LIST OF FINANCIALLY IMPORTANT BIRTHDAYS: Day One: Newborns can be registered for Social Security immediately.Childhood: At age 15, one can get a learner’s permit which affects parents' insurance rates. It's advised to research and shop around for auto coverage.Age 18: This is the legal age of adulthood. Key actions include registering to vote, potential military service registration, and self-medical decision making. Parents are advised to discuss financial responsibilities with their 18-year-olds.Age 19: Parents can't claim you as a tax dependent anymore, but college students have until age 24.Age 21: Self-employed individuals can invest in a SEP-IRA.Age 24: College students filing as dependents need to prepare to file taxes independently.Age 26: Individuals must leave their parents' health insurance.Age 50: You can contribute more to retirement plans and might consider investing in a gym membership.Age 55: Senior discounts become available.Age 59 ½: One can withdraw from tax-advantaged retirement plans without penalties.Age 60: Widows/widowers can receive full spousal benefits from Social Security.Age 62: Eligibility for Social Security begins, but delaying can increase monthly benefits. For assistance, visit FaithFi.com.Age 65: Enrollment for Medicare begins, spanning a total of 7 months.Age 66/67: Full retirement age, with potential benefits increasing by delaying sign up until age 70.Age 72/73: RMDs (Required Minimum Distributions) start for retirement accounts, with penalties for non-compliance.Age 73+: Retirement becomes more complex, with considerations for housing, driving, caregiving, and health.No matter what birthday you’ll be celebrating this year, we hope you will make your relationship with God a priority.   Psalm 71:18 says, “Even when I am old and gray, do not forsake me, my God, till I declare your power to the next generation, your mighty acts to all who are to come.” On today’s program, Rob also answers listener questions: <ul><li>Do I pay income tax on the interest accrued by my I bonds as it accumulates, or do I pay when the bonds are cashed in?</li><li>After selling a home below market value to my daughter and her fiancé, will she owe $20,000 in capital gains tax upon their resale?</li><li>With our 2% mortgage interest and good investment returns, should we pay more on our mortgage or invest the extra?</li><li>Should I continue to pay off my mortgage quickly despite earning higher interest from my bank products and investments, especially when I also have home projects in mind?</li><li>With my children's savings accounts currently earning minimal interest, should I move their funds into CDs at a 5% rate for six months, or invest longer given the current market conditions?</li></ul> RESOURCES MENTIONED:<ul><li><a href="https://soundmindinvesting.com/handbook">The Sound Mind Investing Handbook</a></li><li><a href="https://soundmindinvesting.org/">SoundMindInvesting.org</a>  </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give</a> as we expand our outreach.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

You probably remember looking forward to your birthday when you were a kid.  As we get older, birthdays don’t seem to hold the same charm.  Today, we’ll look at some birthdays that are more important than others – financially speaking.

Financial Milestone Birthdays

FaithFi: Faith & Finance | Oct 20, 2023

Show Notes

Where Faith Meets Finance

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